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TheCorporateCounsel

TheCorporateCounsel.net

A basis for research and practical guidance focusing on federal securities laws, compliance & corporate governance.

DealLawyers

DealLawyers.com

An educational service that provides practical guidance on legal issues involving public and private mergers & acquisitions, joint ventures, private equity – and much more.

CompensationStandards

CompensationStandards.com

The “one stop” resource for information about responsible executive compensation practices & disclosure.

Section16.net

Section16.net

Widely recognized as the premier online research platform providing practical guidance on issues involving Section 16 of the Securities Exchange Act of 1934 and all of its related rules.

PracticalESG

PracticalESG.com

Keeping you in-the-know on environmental, social and governance developments

Last week, the climate and ESG world was ablaze with the rumor that the SEC will bring its final climate disclosure rule to a vote next month, and that Scope 3 emissions will not be included in the final release. We don’t get too involved in rumors or predicting what the SEC will do when, but it seems worth weighing in here. As Liz Dunshee wrote on LinkedIn yesterday:

“If I had a dollar for every time during the past year that I heard that the SEC climate rules are coming ‘next month,’ I’d be rich. But new reports say that an internal draft of the adopting release is getting closer to final. When it actually gets squared away and goes to a vote is still an open question, and that’s not even taking into account the possible government shutdown!”

And from her blog on the matter on TheCorporateCounsel.net:

“So far, the SEC hasn’t announced an open meeting to vote on this matter – but a lot of folks are sure to be watching for an announcement. Many had already been wagering on early March due to the Congressional Review Act and the SEC’s Reg Flex Agenda. But keep in mind that there could still be a lot to do behind the scenes even after a draft rule is circulated. When it comes to specific timing, we won’t know until we know!”

There was another rumor late last year that a “30 day draft” had been circulated to the Commission back in early November, but nothing ever emerged after that. The aptly named 30-day draft goes up to the Commission 30 days before the open meeting in which the rule is voted on.

Announcements of Commission meetings are required at least one week prior to considering any new rule, except where a majority of Commissioners determine that earlier consideration is necessary. So we may have a week or more notice of the vote, or less time, especially considering Liz’s point about the looming possible shutdown – not to mention the upcoming presidential election. If I were a betting man, I’d put my money on something completely different – like who will win the World Series (go Braves!).

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The Editor

Lawrence Heim has been practicing in the field of ESG management for almost 40 years. He began his career as a legal assistant in the Environmental Practice of Vinson & Elkins working for a partner who is nationally recognized and an adjunct professor of environmental law at the University of Texas Law School. He moved into technical environmental consulting with ENSR Consulting & Engineering at the height of environmental regulatory development, working across a range of disciplines. He was one… View Profile